Ashurst has acted for ANZ as sole lead manager on Investa’s recent issue of A$30 million 6% Floating Rate Notes under its $500 million Medium Term Note (MTN) program.
Investa, through its issuing vehicle ICPF Finance Pty Ltd, issued the new series of $30 million 6.00% Floating Rate Notes on 27 June 2012.
The notes, which are secured by a shared pool of interests in various commercial office properties, have a 10-year maturity, achieved an A- rating from Standard and Poor’s and were priced at 220 basis points above the 10-year swap rate.
This is Investa’s second borrowing in the MTN market following an oversubscribed A$250 million issue in May 2011 (where Ashurst acted for ANZ and Westpac as joint lead managers).
According to Ashurst lead partner on this matter Martin Coleman: “We were delighted to have acted for ANZ as sole lead manager on Investa’s recent issue under its Medium Term Note Program.
“The issuance of 10-year floating rate notes is a relatively unusual transaction in the current domestic bond environment where the United States Private Placement (USPP) market has been more commonly used, particularly post GFC, for longer dated instruments.”
Ashurst special counsel James Morris commented: “This transaction may well start to encourage other issuers to look domestically for long-dated debt raisings in the future.”
The Ashurst team who worked on this matter: partner Teresa Dyson and Bronwyn Kirkwood from the Taxation practice and partner Martin Coleman, James Morris and Kathleen Liu, Banking & Finance.
